Operating Engineers Pension Trust
The Operating Engineers Pension Trust was created in 1960 by the bargaining parties to provide financial security to members and a source of income in their retirement years. The initial funding for the Pension Fund in 1960 was 5¢ per hour and Current Service Credits were valued at $1.50 per credit. Today, the hourly contribution rate is over $7.00 per hour and Current Service Credits (as of July 1, 2007) are valued at $58.00. The Fund currently pays out over $17 million per month in pension benefits to nearly 17,000 retirees and surviving spouses. The assets of the Pension Fund total over $1.7 billion and are invested in broadly diversified portfolios managed by some of the best investment managers in the country.